Add $300k with an attic reno
Hundreds of thousands of dollars can be added in value by converting unused attic space, experts have told Smart Property Investment.
A $20,000 attic to bedroom conversion can add up to $300,000 back in value in a suburb like Bal
Hundreds of thousands of dollars can be added in value by converting the unused space in the loft.main, according to Renovating for Profit founder Cherie Barber.
“It is a relatively minor expense and can add a minimum $100,000 back in value,” Ms Barber said.
Attic & Roof Conversions owner Patrick Houston undertook a high-end renovation project for a client that unveiled value-adding water views.
“We build on top floor units where possible as there are some magnificent views and the attic can add hundreds of thousands of dollars onto the real estate because of those views,” Mr Houston said.
A renovation that he undertook for a client in Bondi provided a return of $3.50 for every $1 spent.
This came to over $400,000 in added value on the unit.
For more information on how to squeeze profit out of your loft, pick up the latest issue of Smart Property Investment, on newsstands today.